Enforcement of Mortgages. (a) The Issuer hereby directs the Servicer to service the relevant Loans and carry out its specific obligations under this Agreement in accordance with the Seller's Policy. (b) The Servicer will, in relation to any default by a relevant Borrower under or in connection with a relevant Loan or its Related Security, comply with the Enforcement Procedures or, to the extent that the Enforcement Procedures are not applicable having regard to the nature of the default in question, with the usual procedures undertaken by a Reasonable, Prudent Mortgage Lender and provided that any such action is not materially prejudicial to the interests of the Issuer, provided that: (i) the Servicer shall only become obliged to comply with the Enforcement Procedures (to the extent applicable) or to take action as aforesaid after it has become aware of the default; and (ii) it is acknowledged by the Issuer that mortgage lenders generally exercise discretion in pursuing their respective enforcement procedures and that the Servicer may exercise such discretion as would a Reasonable, Prudent Mortgage Lender in applying the Enforcement Procedures to any particular defaulting Borrower or taking action as aforesaid, provided that in exercising such discretion the interests of the Issuer in the Portfolio are not materially prejudiced.
Appears in 4 contracts
Samples: Servicing Agreement, Servicing Agreement, Servicing Agreement
